POST UTME UNN 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account for the year ended 31st December 20X8 showed a profit of ₦1,500,000. The company's profit and loss account for the year ended 31st December 20X8 showed a profit of ₦2,000,000. What is the amount of the company's dividend paid to its shareholders?
Question 2
A company's bank statement shows a balance of ₦120,000, but the company's cash book shows a balance of ₦150,000. The bank statement also shows a debit of ₦30,000 for a cheque that has been returned unpaid. What is the correct bank reconciliation statement?
Question 3
A company has the following transactions: Purchased goods for ₦150,000 on credit, sold goods for ₦200,000 on credit, and paid ₦50,000 in cash. Prepare the balance sheet for the above transactions.
Question 4
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦1,500,000?
Question 5
A company has the following transactions: Purchased goods for ₦150,000 on credit, sold goods for ₦200,000 on credit, and paid ₦50,000 in cash. Prepare the ledger accounts for the above transactions.
Question 6
A company uses the weighted average method of inventory valuation. On January 1, 2022, it had 500 units of a product in stock, valued at ₦150 each. During the year, 300 units were sold, and 200 units were purchased at ₦200 each. Calculate the cost of goods sold for the year.
Question 7
A company's trial balance as at 31st December 20X8 showed a total debit balance of ₦10,000,000 and a total credit balance of ₦8,000,000. What is the company's net worth?
Question 8
A company's balance sheet shows the following accounts: Cash ₦500,000, Accounts Payable ₦200,000, and Common Stock ₦1,000,000. What is the company's total liabilities?
Question 9
A company's profit and loss account for the year ended 31st Dec 2019 is as follows:
| Particulars | ₦ | ₦ |
| --- | --- | --- |
| Sales | | 200,000 |
| Cost of Goods Sold | | 120,000 |
| Gross Profit | | 80,000 |
| Operating Expenses | | 20,000 |
| Net Profit | | 60,000 |
What is the gross profit percentage?
Question 10
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product in stock, valued at ₦150 each. During the year, 300 units were sold, and 200 units were purchased at ₦200 each. Calculate the cost of goods sold for the year.
Question 11
A company has the following ledger balances: Work-in-progress £5,000, Finished goods £10,000, Raw materials £8,000, Wages £4,000, Rent £3,000. Prepare a statement of financial position as at 31st December 2018.
Question 12
The following is an extract from the financial statements of a public sector entity. Prepare a statement of changes in equity for the year ended 31st December 2018.
Question 13
A company has the following transactions: Purchased goods for ₦150,000 on credit, sold goods for ₦200,000 on credit, and paid ₦50,000 in cash. Prepare the statement of changes in equity for the above transactions.
Question 14
A company uses the weighted average method to value its inventory. If the total cost of goods available for sale is ₦1,500,000 and the total cost of goods sold is ₦1,200,000, what is the company's inventory turnover ratio?
Question 15
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
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